The Goldman Sachs Group Increases Granite Construction (NYSE:GVA) Price Target to $50.00

Granite Construction (NYSE:GVA) had its target price boosted by The Goldman Sachs Group from $44.00 to $50.00 in a research report released on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the construction company’s stock.

Separately, DA Davidson lifted their price target on Granite Construction from $60.00 to $64.00 and gave the stock a buy rating in a research note on Tuesday, February 27th.

Granite Construction Price Performance

Granite Construction stock opened at $53.69 on Tuesday. Granite Construction has a one year low of $33.74 and a one year high of $57.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.49 and a current ratio of 1.60. The business has a fifty day moving average of $53.33 and a two-hundred day moving average of $47.69. The company has a market cap of $2.36 billion, a P/E ratio of 70.64 and a beta of 1.46.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, February 22nd. The construction company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Granite Construction had a net margin of 1.24% and a return on equity of 14.15%. The business had revenue of $933.70 million during the quarter. During the same period in the prior year, the business posted $0.56 earnings per share. As a group, analysts predict that Granite Construction will post 4.29 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.97%. The ex-dividend date was Wednesday, March 27th. Granite Construction’s dividend payout ratio (DPR) is presently 68.42%.

Insider Transactions at Granite Construction

In other news, Director Louis E. Caldera sold 1,263 shares of Granite Construction stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $50.00, for a total transaction of $63,150.00. Following the completion of the transaction, the director now owns 8,528 shares of the company’s stock, valued at approximately $426,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.54% of the company’s stock.

Institutional Trading of Granite Construction

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Belpointe Asset Management LLC increased its position in Granite Construction by 320.6% during the 1st quarter. Belpointe Asset Management LLC now owns 673 shares of the construction company’s stock worth $28,000 after purchasing an additional 513 shares in the last quarter. Exchange Traded Concepts LLC purchased a new stake in Granite Construction during the 3rd quarter worth about $27,000. GAMMA Investing LLC purchased a new stake in Granite Construction during the 4th quarter worth about $43,000. Macquarie Group Ltd. purchased a new stake in Granite Construction during the 1st quarter worth about $43,000. Finally, NewEdge Advisors LLC increased its position in Granite Construction by 5,075.0% during the 1st quarter. NewEdge Advisors LLC now owns 1,242 shares of the construction company’s stock worth $51,000 after purchasing an additional 1,218 shares in the last quarter.

About Granite Construction

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.